BitConnect’s Glenn Arcaro has been sentenced to a $28 million judgment in his SEC fraud case.
Damaged down, Arcaro’s September twenty ninth judgment constitutes $24 million in disgorgement and $4.1 million in prejudgment curiosity.
Arcaro (proper) is at present incarcerated, following a 38 month jail sentence handed down final September.
Factoring in time served, BOP data present Arcaro is scheduled for launch in June 2024.
As a part of his responsible plea and cooperation with authorities, Arcaro was stripped of $56 million in cryptocurrency in 2021. Arcaro’s civil SEC judgment is glad by that quantity.
There’s been no motion on the SEC’s case in opposition to BitConnect promoters for a while.
The civil case was stayed, pending founder Satish Kumbhani’s arrest. Kumbhani fled India and is believed to be hiding out in Dubai.
There may be additionally the potential of BitConnect’s promoters being indicted. There’s been no updates on that both although since 2021.